Sand and Gravel Data Center
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We focus on the sand and gravel market and data research, dedicated to building an accurate, comprehensive, timely, and in-depth sand and gravel database. Our offerings cover a wide range of data and services, including sand and gravel mines, sand and gravel projects, sand and gravel prices, sand and gravel indices, sand and gravel supply, sand and gravel demand, sand and gravel policies, regional market reports, regional market research reports, feasibility study reports for sand and gravel projects, and customized sand and gravel data reports.

Overview
According to incomplete statistics, China's demand for sand and gravel in 2023 was approximately 15.172 billion tons, a decrease of 4.49% from the 15.885 billion tons in 2022.
On the demand side: By province, in 2023, Guangdong and Jiangsu both had relatively high annual demand for sand and gravel, each exceeding 1 billion tons. By region, the East China region showed robust demand for sand and gravel, accounting for more than 30% of China's total sand and gravel demand.
On the supply side: As of the end of 2023, the total number of registered sand-and-gravel mines nationwide was approximately 15,396, a decrease of 11% from the 17,351 recorded in 2022—a net reduction of 1,955 mines. Among these, Guizhou, Sichuan, and Yunnan still each have more than 1,400 registered sand-and-gravel mines. Currently, the phenomenon of relatively small-scale production among existing sand-and-gravel mines remains widespread; however, for the first time, the proportion of mines with an annual output exceeding 5 million tons has surpassed 3%.
In terms of prices: In December 2023, the national sand and gravel price index stood at 93.58. The average delivered prices per ton for crushed stone, manufactured sand, and natural sand were RMB 98, RMB 109, and RMB 117, respectively. Compared with January 2023, the national sand and gravel price index fell by 3.81%, while the prices of crushed stone, manufactured sand, and natural sand decreased by RMB 4 per ton, RMB 4 per ton, and RMB 5 per ton, respectively.
In terms of transfer of rights: In 2023, the country saw 1,105 newly transacted mining rights for sand and gravel, with an average acquisition cost of approximately 2.83 yuan per ton—a decrease of 0.25 yuan per ton compared to the 3.08 yuan per ton recorded in 2022.

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Analysis of 2023 Demand for Sand and Aggregate Materials

01 In 2023, China's total consumption of sand and gravel declined by 4.49%.

According to statistics, over the past decade, the national demand for sand and gravel aggregates has shown a fluctuating downward trend, dropping from 18.691 billion tons in 2014 to 15.172 billion tons in 2023. In 2023, affected by factors such as the continued slump in the real estate market and declining local fiscal revenues, the annual decline in sand and gravel demand reached 4.49%. We believe that China’s sand and gravel market has now completed its transition from an incremental market to a stock-based market.
In the post-pandemic era, the renovation of urban villages and efforts to ensure timely delivery of housing projects will continue to be advanced. However, affected by the dual tightening of fiscal spending and infrastructure construction project funding, it is expected that the nation’s annual demand for sand and gravel in 2024 will remain around 15 billion tons, with fluctuations likely to stay within a range of no more than 5%.

Data Source: Sand and Gravel Aggregate Network Data Center
Figure 1-1: Statistics on China’s Demand for Sand and Aggregate Materials and Growth Rate from 2014 to 2023

In the third quarter of 2023, national demand for sand and gravel totaled 4.067 billion tons (compared to 4.395 billion tons in the third quarter of 2022), a decrease of 328 million tons, or 7.47% year-on-year. In the fourth quarter of 2023, demand reached 3.958 billion tons (compared to 4.164 billion tons in the same period of 2022), with the decline narrowing to 4.94%. Currently, although China's real estate market remains sluggish, as various national and local measures aimed at stabilizing the market are gradually implemented, the decline in China's demand for sand and gravel in 2024 is likely to continue narrowing.

Data Source: Sand and Gravel Aggregate Network Data Center
Figure 1-2: National Quarterly Demand and Growth Rate for Sand and Gravel, 2022-2023 (Unit: 100 million tons)

02 In 2023, more than half of China’s provinces saw negative growth in demand for sand and gravel.

According to statistics, the nationwide demand for sand and gravel aggregates in 2023 was approximately 15.172 billion tons. Looking at the demand by province, there are significant differences among regions. In terms of growth rates, in 2023, Tianjin, Shanghai, and Tibet saw sand and gravel demand growth exceeding 50%. The primary reason for this substantial growth is that these three regions all experienced prolonged pandemic control measures in 2022, leading to a sharp decline in sand and gravel demand that year. Aside from these three regions, Xinjiang, Qinghai, Jilin, and Beijing also recorded sand and gravel demand growth rates exceeding 10%. Meanwhile, Henan, Hunan, and Fujian provinces saw relatively large declines in demand, falling by 16.49%, 16.68%, and 17.94% respectively compared to the previous year. The main factor behind the drop in sand and gravel demand in these three provinces was the drag exerted by their local real estate markets.

Data Source: Sand and Gravel Aggregate Network Data Center
Figure 1-3: Provincial Demand and Growth Rate for Sand, Gravel, and Aggregate in 2023

From the perspective of demand volume, in 2023, the East China, Central China, and South China regions showed relatively strong demand for sand and gravel, while the Northwest and Northeast regions continued to have relatively lower demand. Among provinces, only Guangdong and Jiangsu had annual demand exceeding 1 billion tons; likewise, only two provinces—Qinghai and Tibet—had annual demand below 100 million tons. Most provinces saw sand and gravel aggregate demand ranging between 500 million and 1 billion tons. The provinces falling within this demand range primarily include Guangdong, Jiangsu, Anhui, Shandong, Sichuan, Zhejiang, Guangxi, Hubei, Yunnan, Henan, Hunan, Jiangxi, Hebei, and Fujian—altogether 14 provinces.

03 Clusters along the Yangtze River account for more than 40% of the nation’s total demand.

Looking at the hotspots of aggregate demand, in 2023, the seven major clusters—including the Pan-Yangtze River Delta cluster—accounted for 71.5% of China’s total aggregate demand, with an annual demand reaching nearly 10.848 billion tons. The trend toward concentration of aggregate consumption in these hotspot regions has become increasingly pronounced. Among them, the three major clusters along the Yangtze River—namely the Pan-Yangtze River Delta, the Middle Reaches of the Yangtze River, and Chengdu-Chongqing—combined accounted for 6.379 billion tons of demand, representing roughly 42% of the nation’s total aggregate demand.

Data Source: Sand and Gravel Aggregate Network Data Center
Figure 1-4: Demand for Sand and Gravel Aggregate in Hotspot Regions, 2023 (Unit: 10,000 tons)

II. Distribution Characteristics of Sand and Gravel Aggregate Mines by Province in 2023

Although sand-and-gravel mines are distributed across the country, their distribution is uneven. The dominant lithologies of sand-and-gravel mines vary significantly from region to region. Moreover, factors such as logistics and transportation, market demand, and resource endowments influence the scale of sand-and-gravel mines in different regions, leading to considerable differences in mine sizes across the country. In recent years, with increasingly stringent environmental policies, industry concentration has continued to rise; however, medium- and small-sized mines still account for a large share of China’s mining sector. According to incomplete statistics, as of the end of 2023, the number of registered sand-and-gravel mines nationwide was approximately 15,396, representing a decrease of 11.27% compared to the number of sand-and-gravel mines in 2022.

Table 2-1: Statistical Table of the Number of Registered Sand and Gravel Mines by Province in 2022

Table: Sand and Gravel Aggregate Network Data Center

The number of registered sand-and-gravel mines in Guizhou, Sichuan, and Yunnan still exceeds 1,400, and further consolidation of these mines in the aforementioned regions is still needed. In Hunan, Chongqing, Xinjiang, Yunnan, Jiangxi, Guangxi, Henan, and other regions, efforts to consolidate and shut down mines have been quite significant; the number of mines in these areas has decreased by more than 100 each compared to 2022. In the future, the supply structure of sand and gravel in these regions may be further optimized. Six provinces have seen an increase in the number of mines, among which only Jilin (24), Heilongjiang (38), and Shanxi (61) have experienced increases exceeding 20 mines.

Map: Sand and Gravel Aggregate Network Data Center
Figure 2-12: Changes in the Number of Registered Sand and Gravel Mines by Province in 2023

As of the end of 2023, among the sand-and-gravel mines included in the statistics, limestone, sandstone, shale, and granite mines ranked in the top three, accounting for 48.13%, 15.45%, 11.74%, and 10.66% respectively. These characteristics reflect that, at present, China’s sand-and-gravel mines are still predominantly composed of soft rocks, and there are significant differences in the proportions of various rock types among these mines.

Map: Sand and Gravel Aggregate Network Data Center
Figure 2-2: Distribution Map of Rock Types in Registered Sand and Gravel Mines in 2023

According to statistics, the phenomenon of small-scale production in the current sand and gravel mining industry remains prominent. Among existing mines, those with a designed annual output of less than 1 million tons account for as much as 83.15%; those with an annual output between 5 million and 10 million tons account for approximately 2.44%; and those with an annual output of 10 million tons or more represent only 0.76%.

Map: Sand and Gravel Aggregate Network Data Center
Figure 2-3: Design Annual Production Capacity of Registered Sand and Gravel Mines in 2023 (Unit: 10,000 tons/year)

III. Analysis of 2023 Aggregate and Sand Prices and Profitability Situation

01 The national sand and gravel price index declined by 3.81% for the year.

Data Source: Sand and Gravel Aggregate Network Data Center
Figure 3-1: Trend Chart of the National Aggregate Price Index for 2023

According to data from Sand and Gravel Aggregate Network’s Market Information Platform, the national sand and gravel price index fell by 3.71 points throughout 2023, representing a decline of 3.81%. By product category, crushed stone prices dropped by 2.95 points for the year, machine-made sand prices fell by 3.87 points, and natural sand prices declined by 4.22 points. Looking at the trend of price index changes, the national sand and gravel prices in 2023 continued the downward trend observed in 2022, with prices across all categories experiencing declines to varying degrees. It is expected that sand and gravel prices may continue to slightly decline in 2024.

02 In 2023, sand and gravel prices continued to decline throughout the year.

Data from Sand and Gravel Aggregate Network’s Market Information Platform show that, in 2023, the average delivered-to-user prices of sand and gravel nationwide all experienced a slight decline. As of December 2023, the average delivered-to-user prices for crushed stone, manufactured sand, and natural sand were RMB 98 per ton, RMB 109 per ton, and RMB 117 per ton, respectively. Compared to January 2023, the average delivered-to-user price of crushed stone fell by RMB 4 per ton, the price of manufactured sand also declined by RMB 4 per ton, and the price of natural sand dropped by RMB 5 per ton.

Data Source: Sand and Gravel Aggregate Network Data Center
Figure 3-2: Trend Chart of National Aggregate Prices Delivered to End-Use Units in 2023 (Unit: Yuan/Ton)

03 In 2023, the average ex-factory price along the Yangtze River decreased by 4 yuan/ton.

Data Source: Sand and Gravel Aggregate Network Data Center
Figure 3-3: Trend of Average Ex-factory Prices Along the Yangtze River Since 2022 (Unit: Yuan/ton)

According to statistics, since 2022, the average ex-factory price of sand and gravel from representative mines along the Yangtze River has shown a noticeable decline. Specifically, the average ex-factory price of sand and gravel for the entire year of 2022 fell by 17 yuan per ton, representing a drop of 20.99%; in 2023, the average ex-factory price declined by 4 yuan per ton, a decrease of about 6.25%. It is expected that sand and gravel prices along the Yangtze River may continue to remain sluggish in 2024.
Looking at the price trends of sand and gravel along the Yangtze River in 2023, prices saw a slight increase in the first quarter, rising from 64 yuan per ton at the beginning of the year to 67 yuan per ton by the end of March. However, due to factors such as an insignificant increase in demand and the influx of sand and gravel from northern coastal regions into the Yangtze River Delta market following a decline in waterway freight rates, sand and gravel prices along the Yangtze River have fallen month by month. By the end of June, prices had dropped to 60 yuan per ton, and currently remain around that level.

04 Price Changes of Crushed Stone in Sample Cities in 2023

Among the 30 sample cities monitored by the Sand and Gravel Aggregate Network’s Market Information Platform, only 3 cities saw an increase in crushed stone ex-factory prices in 2023, and only 3 cities experienced a rise in machine-made sand ex-factory prices. Among these, Anyang City recorded the largest decline in crushed stone ex-factory prices, at 27.6%, while Jinan City had the biggest drop in machine-made sand prices, at 23.5%. Both crushed stone and machine-made sand saw their largest price increases in Guiyang City, with rises of 12% each. Jingdezhen also showed significant price increases for both sand and gravel as well as machine-made sand: crushed stone rose by 11.11%, and machine-made sand increased by 9.09%.

Table 3-1: Changes in Ex-factory Prices of Sand and Gravel in Selected Sample Cities Nationwide, 2023 (Unit: Yuan/Ton)

Table: Sand and Gravel Aggregate Network Data Center

05 Average Profit Performance of the Sand and Gravel Segment for Selected Listed Construction Materials Companies Over the Past Five Years

Among the various business segments of publicly listed construction materials companies, the aggregates segment boasts relatively high profitability. (All the publicly listed construction materials companies included in this statistical analysis are cement enterprises. Currently, the high gross profit margin of cement companies’ aggregates businesses stems from their existing mines—specifically, by processing tailings from these mines to produce aggregates. The cost of producing aggregates from these tailings is almost entirely limited to processing costs, with virtually no inclusion of resource costs.)
According to statistics, from 2018 to 2022, the average profit margin of the aggregate segment for listed construction materials companies consistently exceeded 45%. However, due to factors such as a contraction in demand, the average profit margin of the sand and gravel segment for these listed companies has fluctuated and declined. In 2018, the average profit margin for the aggregate segment of listed construction materials companies was 56.05%. That year, nationwide demand for sand and gravel significantly contracted, driving down sand and gravel prices and causing the average profit margin to decline somewhat. From 2019 to 2022, the average profit margin for the aggregate segment continued to fall—from 60.66% in 2019 to 48.61% in 2022. By the first half of 2023, the average profit margin had further dropped to 44.58%.

Data Source: Annual Reports of Selected Listed Companies & Compiled by the Sand and Gravel Data Center
Figure 3-4: Average Profit Margin of the Sand and Gravel Segment for Selected Listed Construction Materials Companies in the First Half of 2018–2023

As of the end of June 2023, among the listed construction materials companies shown in the table below, Shangfeng Cement had the highest gross profit margin in its sand and gravel segment, at 70.29%; the listed company with the lowest gross profit margin was Xizang Tianlu, at 26.42%. Currently, the gross profit margins of most listed construction materials companies in their sand and gravel segments remain higher than those of their cement segments.

Table 3-2 Revenue from the Sand and Gravel Segment of Selected Listed Construction Materials Companies in the First Half of 2023 (Unit: RMB)

Data Source: Annual Reports of Listed Companies & Compiled by the Sand and Gravel Data Center

Overall, the average profit margin of the sand and gravel segment among listed construction materials companies has remained high over the long term. The average profit margin to some extent reflects that the sand and gravel industry still enjoys relatively high profit margins. However, given that the sand and gravel industry has shifted from an incremental market to a stock market, coupled with the continued decline in sand and gravel prices, it is unlikely that profit margins will see another substantial increase in the future.

IV. A Brief Analysis of the 2023 National Auction of Sand and Gravel Mining Rights

01 In 2023, a total of 1,105 mining rights for sand and gravel were granted nationwide.

According to incomplete statistics, in 2023, a total of 1,105 mining rights for sand and gravel resources were successfully auctioned nationwide (the 2023 transaction data on mining rights cover only the Chinese mainland, excluding Hong Kong, Macao, and Taiwan). The total approved reserves involved amount to approximately 34.85 billion tons, with an average designed annual production capacity of about 1.96 million tons. Due to differences in topography, landforms, and geographic locations, the number of sand and gravel mining rights auctioned varies significantly among provinces. In terms of the total number of mining rights successfully auctioned in 2023, Xinjiang ranked first with as many as 254 rights; Guizhou and Shanxi followed closely behind, with 103 and 83 rights respectively; Ningxia and Fujian had the fewest, auctioning off just 2 and 1 rights, respectively. In 2023, apart from the three municipalities directly under the central government—Beijing, Tianjin, and Shanghai—Hebei also did not see any newly transacted mining rights.
Looking at the lithology of the parent rocks for newly acquired sand and gravel mining rights in 2023, limestone and sandstone still dominate, accounting for 38.91% and 32.76% respectively. Granite ranks next, making up about 11.31%. Tuff, dolomite, basalt, andesite, marble, gneiss, and diorite each account for a certain proportion, ranging roughly between 1% and 4%.

Data Source: Sand and Gravel Aggregate Network Data Center
Figure 4-2: Statistical Analysis of Rock Types in Newly Acquired Sand and Gravel Mining Rights Mines in 2023

02 In 2023, the average mining cost for sand and gravel mining rights nationwide was approximately 2.83 yuan per ton.

In terms of mining acquisition costs, the average cost for newly awarded sand and gravel mining rights nationwide in 2023 was approximately 2.83 yuan per ton. Among these, Hainan Province and Zhejiang Province had relatively high average acquisition costs, at 14.27 yuan per ton and 12 yuan per ton, respectively—significantly higher than the national average. Provinces such as Jiangsu, Ningxia, Anhui, and Fujian also reported relatively high costs, with average acquisition costs exceeding 8 yuan per ton. In contrast, Guizhou and Jilin provinces had notably lower acquisition costs, at just 0.35 yuan per ton and 0.45 yuan per ton, respectively.

Table 4-1: Statistics on the Average Mining Cost for Sand and Gravel Mining Rights in Selected Regions in 2022 (Unit: Yuan/Ton)

Data Source: Sand and Gravel Aggregate Network Data Center

03 In 2023, Guangdong Province completed the transfer of 7 mining rights, each with an annual output capacity of over 20 million tons.

Data from Mining Rights Connect, a platform under Sand and Gravel Aggregate Network, show that among the newly acquired mining rights in 2023, 10 had designed capacities exceeding 15 million tons per year. Of these 10 mining rights, 7 were located in Guangdong Province, with a total designed capacity of 183.6 million tons per year—accounting for 54% of Guangdong’s total newly added capacity in 2023. In addition to Guangdong Province, Zhejiang Province, Shanxi Province, and Henan Province each acquired one mining right in 2023, each with an annual output capacity exceeding 15 million tons.

Table 4-2: Statistical Table of Newly Acquired Mining Rights for Sand and Gravel with Annual Production Capacity of Over 15 Million Tons in 2023 (Unit: 10,000 tons/year)

Table: Sand and Gravel Aggregate Network Data Center

V. Newly Added Major Construction Projects in 2023

According to incomplete statistics, in 2023, the National Development and Reform Commission approved 14 railway and urban rail transit projects of various types, with total investment exceeding 795 billion yuan. From a geographical perspective, the railway projects approved by the state in 2023 were mainly concentrated in the East China, South China, Central China, and Northwest regions. In addition to railway projects, urban rail transit plans for four major regions—Beijing-Tianjin-Hebei, the Yangtze River Delta, the Guangdong-Hong Kong-Macao Greater Bay Area, and Chang-Zhu-Tan—have all received approval.
Among these, in the Beijing-Tianjin-Hebei region, in May 2023, the third-phase construction plan for urban rail transit in Beijing was approved by the National Development and Reform Commission. The plan includes a total of 11 projects with a planned mileage of approximately 231.3 kilometers and a total investment of 186.6 billion yuan. In the Yangtze River Delta region, the second-phase rail transit plans for Shaoxing and Changzhou were both approved in 2023. The combined planned mileage for the two cities totals 145.5 kilometers, with a total investment exceeding 55 billion yuan. In the Guangdong-Hong Kong-Macao Greater Bay Area, in April 2023, the fifth-phase construction plan for urban rail transit in Shenzhen was approved by the National Development and Reform Commission. The plan includes a total of 11 projects with a planned mileage of approximately 185.6 kilometers and a total investment of 195.2 billion yuan.
We believe that during the 14th Five-Year Plan period, the Beijing-Tianjin-Hebei region, the Yangtze River Delta region, and the Guangdong-Hong Kong-Macao Greater Bay Area will remain key areas for infrastructure investment. In the future, these regions can be prioritized as core target markets for the strategic deployment of sand and gravel projects.

Table 4-3: Partially Approved Construction Projects by the National Development and Reform Commission in 2023

Table: Sand and Gravel Aggregate Network Data Center

VI. 2024 China Aggregate Market Forecast

01 Demand Side

Data from the National Bureau of Statistics show that as of December 2023, real estate developers in China invested 11,091.288 billion yuan, a decrease of 9.6% year-on-year. This marks the 22nd consecutive month of negative growth since April 2022. It is foreseeable that China’s real estate market will continue to struggle to rebound in 2024. In 2024, both newly granted mining rights and sand-and-gravel projects slated for commissioning are expected to reach a peak at a certain stage. Until there is a noticeable recovery in real estate demand for sand and gravel, the oversupply situation is likely to become even more pronounced in 2024. As a result, major sand-and-gravel suppliers may start proactively joining forces to weather the downturn together.

02 Supply and Pricing方面

On the supply side, amid a sluggish real estate market, land revenues have significantly declined in many regions. In 2024, the frequency of mining rights auctions in resource-rich areas may increase; however, average mining costs are expected to continue declining, and the number of mining rights that fail to attract bids or are suspended is also likely to rise. On the price front, with shrinking demand and an expanding supply, sand and gravel prices are forecast to decline slightly further in 2024.

03 Regarding Hotspot Areas

It is understood that in 2024, several large-scale aggregate production lines with capacities of tens of millions of tons each will either begin operations or reach full capacity. Among them, along the Yangtze River alone, new sand and gravel enterprises with capacities of tens of millions of tons per year—transported via the Yangtze River—will add an annual capacity of 269 million tons to the market. Additionally, along the Pearl River and Xijiang River, the total capacity of newly commissioned sand and gravel projects with capacities of tens of millions of tons each will reach 181 million tons in 2024 (with additional capacity expected to reach 149 million tons in 2025). Therefore, it is foreseeable that as these capacities are gradually brought online, the supply landscape for sand and gravel along the Yangtze and Pearl Rivers will undergo significant changes. It is anticipated that sand and gravel prices in these regions will further decline in 2024, with price reductions being more pronounced in areas characterized by higher liquidity.

04 2024 Demand Forecast

2024 is a pivotal year for fully implementing the spirit of the 20th National Congress of the Communist Party of China and a critical year for deepening the implementation of the 14th Five-Year Plan. However, at present, China’s economy still faces numerous challenges, primarily including insufficient effective demand, overcapacity in certain industries, weak social expectations, and persistent risks and hidden dangers. Bottlenecks remain in the domestic economic loop, while the external environment is becoming increasingly complex, severe, and uncertain. Nevertheless, overall, the favorable conditions confronting China’s development outweigh the unfavorable factors, and the fundamental trend of economic recovery and long-term improvement remains unchanged. It is projected that China’s economy will likely achieve growth between 5% and 6% in 2024. Fixed-asset investment is expected to see a modest increase compared to 2023. In 2024, China’s aggregate demand for aggregates is forecast to fluctuate around 15 billion tons, and the average nationwide price of sand and gravel may decline by 3% to 5%. However, it cannot be ruled out that some regions might experience price fluctuations due to changes in shipping costs and navigational channels. A slight increase occurred due to the blockage.